[SMM Coal and Coke Daily Briefing] October 11, 2025

[SMM Daily Coking Coal and Coke Brief Review]

Coking Coal Market:

The offer price for low-sulphur coking coal in Linfen is 1,540 yuan/mt. The offer price for low-sulphur coking coal in Tangshan is 1,450 yuan/mt.

Raw material fundamentals, most mines maintain normal production, with a few previously suspended mines resuming operations. Current inventory pressure at the mine end is not significant, but market sentiment is cautious, and mines may proactively implement slight price reductions.

Coke Market:

The nationwide average price for first-grade metallurgical coke - dry quench is 1,790 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - dry quench is 1,650 yuan/mt. The nationwide average price for first-grade metallurgical coke - wet quench is 1,440 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - wet quench is 1,350 yuan/mt.

Supply side, most coke enterprises operate near the break-even line, maintaining stable production for now, with their own inventory kept at low levels. Demand side, steel mill profits have contracted, maintenance plans at downstream steel mills are beginning to increase, hot metal output is expected to decline, leading to a weakening in rigid demand for coke. In summary, the coke market exhibits a supply-demand balance, the upward momentum for prices is moderate, the market is expected to operate stably in the short term, and the implementation of a second round of price increases faces significant difficulty.[SMM Steel]